It depends where you draw the line. CGI's were passed many variables and an environment by the web server. In that respect, this is closer to a web server - the only thing it doesn't handle is the very lowest level network listening.

>the only thing it doesn't handle is the very lowest level network listening.

Which makes it a bit imprecise to call it a web server made with bash (as it requires netcat). I clicked on the title already wondering how would it be possible to open a socket with bash only.

I think you're being a little overly pedantic.